tv Charlie Rose Bloomberg August 17, 2015 9:00pm-10:01pm EDT
. >> from our studios in new york city, this is "charlie rose." charlie: there has been so much talk here and elsewhere about the republican primary season and the emergence of donald trump that we thought we would take this evening to look at the democratic field of candidates. some polls show senator bernie sanders leading hillary clinton in new hampshire. speculation continues to grow whether joe biden will enter the race. clinton has been answering questions about using private accounts during her tenure at secretary of state.
joining me from washington is colleen nelson of "the wall street journal," jonathan martin of the "new york times," and later, anne gearan from "the new -- "the washington post." how much damage has hillary clinton taken? jonathan: it is perception of her strength. perception drives so much of this. i think it has some of her donors uneasy. it has the democratic elite uneasy. the clinton folks are very upset about what they see as a partisan witch hunt. you talk to democrats privately, especially those close to
president obama, and they are scratching their heads about why the clinton folks did not move more quickly on this knowing how aggressive the congressional gop was going to be. why not deal with it immediately, turn it over, move on? instead, here we are on the fourth month of the story. charlie: why didn't they do that? jonathan: i think there was resistance because they did not think that she had done anything wrong. they weren't going to give in. as you know, that is a decades long tradition with the clintons. they feel like they are unfairly targeted and they will be darned if they will enable that. charlie: is there any possibility they will be unable to uncover the personal e-mails? jonathan: colleen, you can answer that better than i can. i think it is unlikely at this point. i don't know if those can be found. as far as i know, she destroyed those. charlie: i thought that too, but
we all know places where people thought they destroyed something and it turns out they did not. what is the possibility of recovering something deleted? colleen: i think it is a possibility. technical experts say it is possible they are still able to be found. the question is would we get to see those? freedom of information act laws would allow us to see any official e-mails, but if they actually find personal e-mails which he says are about yoga and planning weddings, it is not clear we would get to see those because those would not necessarily be considered official business or covered by freedom of information act laws. charlie: many people have talked about the trust factor. does this contribute to the trust factor and make a larger issue and have people like joe biden and others thinking the race is not as how we assumed it might be?
colleen: this contributes to an ongoing narrative. there were already questions about the clinton secrecy, or their honesty, and this feeds into that existing narrative. when you talk to democrats, they are not necessarily concerned about the e-mails per se, but they are concerned it is affecting her perception and they ask the question, what else might be out there? that is a concern about democrats. they think probably she can weather the e-mail storm assuming we don't learn anything hugely different from what she has told us. they wonder what else might come out during the course of the next 18 months. charlie: there's a piece on the front page about biden sounding out allies on his 2016 bid. what kind of advice you think joe biden is getting from his allies? colleen: is getting encouragement from his friends. there are a lot of people who have been saying to joe biden, you should run.
hillary clinton is vulnerable. this is your chance to jump in the race. up until recently, people had been urging him to run and he had been taking that in, not ruling anything out. in the last couple of weeks we have seen joe biden shift into a more active role and begin reaching out to people, asking them more detailed questions and trying to get a sense of the numbers and see how steep of a challenge it would be to jump in the race at this point. charlie: jonathan, the you have anything to add to that? jonathan: he is just trying to figure out whether this phase is there for him to run. he understands the political
clock. we are looking at september around the corner in the iowa caucus is only a few months after that. he can understand the difficulty of this. this is his last opportunity to run for president. joe biden is a very proud man. i talked to a democrat yesterday who knows the vice president, who has worked on some campaigns he has been involved in and this democrat told me joe biden wants credit for what he is done in this administration. he wants to be viewed as a statesman and wants to be seen as someone who could potentially be the next president of the united states. i think that would ultimately lead him to at least strongly consider the possibility of running. he is definitely checking it out in a way that i don't think he was five months ago. charlie: meanwhile we have bernie sanders doing well. jonathan: right. charlie: go ahead. jonathan: if you are joe biden and you see bernie sanders, who is an avowed socialist from vermont and is 74 years old, he is drawing these crowds, real
energy, and he is proving that hillary clinton does have some real vulnerabilities within the democratic primary process. you are joe biden and see that, you have to think long and hard about running. charlie: you think the clinton camp is worried about bernie sanders? jonathan: i don't think they are worried about him being the nominee. i think they are worried about him in the sense that he underscores her vulnerability and makes it clear she has difficulty on her left that will make her pay more attention to the primary that perhaps they would do so ideally. it is a perception issue. the clinton people don't think bernie could be the nominee, but they realize he could pin them down for the next six months.
he could potentionally come close or win one of the more liberal-oriented primary stages. in that sense, he is at the very least a nuisance for the clinton folks. charlie: how is hillary doing in terms of the positions she is making? is she resonating in the party on wall street or economics were areas where he would want to -- she tends to want to stake out her own place in the debate? jonathan: that is one of her strengths. she is so fluid on policy. she really is passionate about issues. she has won praise from democrats for a fairly robust series of policy rollouts. i think some folks on the left wing of the party would be more pro-sanders because she has not done enough on wall street reform, but that has been a strength of hers. she was in new hampshire earlier this week has been hard hit by the drug crisis, whether it is heroine or prescription drug abuse. she had a roundtable to talk about this issues.
it was an expansive way that impressed some folks. the problem is we are in this donald trump summer. once you get beyond folks in these primary states, democratic insiders, i'm not sure who exactly is going to see hillary's policy rollout because the media saturation on trump is so intense. charlie: on trump, go ahead. colleen: if nothing else, donald trump is unequivocal. there are no gray areas with trumpet he casts people as good and bad and leaders as stupid. he catches a frustrated electorate. people of our saying, i do not
like the direction we are heading, he is resonating with them. charlie: is he different than ross perot, different than other people who have come on as he has, someone from outside the political realm to dominate? jonathan: perot is not a bad comparison because the appeal of both of them was people that were really upset at the party system as it was. the difference, i think, was that perot put together an actual campaign, he had people like ed rollins who had worked on national campaigns before. the trump thing, at least right now, is more of a media large. -- media lark. he is coming into shows. he is putting up twitter assaults on his various opponents. it is much more of a lark, at least at the moment. i think there are differences. frankly, we are in more of a celebrity culture now than we were in 1992.
i think people tune in just to see what trump is going to say. i want to hear what he has to say about the border where our trade challenges. it is more like, what is this guy going to do next? charlie: anne from the new york times joins us. thanks for doing this. anne: nice to be with you. charlie: after months of remaining above the partisan fray, quentin has started -- clinton has started landing punches against republicans. fewer people are saying they found her trustworthy. we talked about that here. is that, do you think, something she can overcome? anne: we are already seeing if not a derailment, certainly a stall. the clinton campaign did not expect at this point in the
process to be facing the high negatives that she has in polling. certainly they knew from the get go that her skyhigh approval ratings following her term as secretary of state would not hold up. there would be erosion in that. they expected at least nominal primary opposition. the strength of that opposition in bernie sanders, where it is coming from, its staying power, the size of the crowds he is drawing, the degree of the protest vote you are hearing about -- it is just obvious in the sanders phenomenon. the lingering and continuing problems that she has had with the whole e-mail server and to an extent the questions about the clinton foundation that have dogged her have direct down her -- have dragged down her
numbers and increased the numbers of people who say that why they find her qualified to be president, they don't necessarily trust her. that is not a position they expected to be in at this point. if it continues, she will have bigger problems than she has now. charlie: is it the candidate or the staff that is advising her? anne: i don't know if i'm qualified to say that specifically. i can see when she is campaigning that she is a much better candidate. she is much more focused and engaged. she seems very relatable to crowds versus the kind of candidate she often was in 2008. i covered her as secretary of state and i think she is more on the stump now. she is more like that she was as secretary of state. she is very accomplished and she looks it and sounds it. what she is not doing is connecting to people on an energy level and that is what sanders is doing.
sanders is getting people fired up. they want to see what he will do next. that is similar to trump. people do want to see what he is going to say and do next. she does not have that level of excitement engagement. jonathan: the sanders energy is more ideologically driven. it is found in democrats and liberals who are disappointed at the limitations of the obama era. they are angry at the supreme court for overturning campaign-finance laws. they are upset that president obama has been stymied by a republican congress, that they have not furthered his progressive goals, and they see hillary clinton as someone who is a more center-left democrat who will not challenge a system that they find to be inherently corrupt. they see in sanders someone who
is an ideal someone who is going to do something in the country. that is why you see the size of the crowds. you see the bumper stickers. you see people wearing bernie sanders t-shirts. a 74-year-old guy in vermont has become a pop icon in certain liberal circles. i was in new hampshire this week and you see more of a presence for bernie sanders than anyone would have guessed six months ago. it speaks to where a lot of liberals are right now with their dissatisfaction in the state of the country. charlie: do you think this was pent-up emotion that was looking for a vessel to pour itself into? anne: i think that is right. we had the excitement of elizabeth warren and she said
she might enter the race. she said we may have a group of -- eventually she said she was we haveg to run, and so a group of people from the left wing of the democratic party that were looking for a candidate and bernie sanders fit the bill. there are people in the party who are frustrated by clinton's unwillingness to go further left on some issues and bernie sanders has no problem speaking about the left wing of the party. these folks were primed and ready for war. when that didn't happen, bernie sanders stepped in and his -- and has tapped into some enthusiasm on the left side of the party. charlie: thank you very much. ♪ charlie: andrew liveris is here.
♪\ charlie: andrew liveris is here. he has spent his entire career at dow chemical. he became ceo in 2004. he has also reinvented the company in response to domestic and global challenges. he had extensive dealings with the chinese government, which is getting a lot of attention with currency evaluation. i'm pleased to have andrew liveris at the table. andrew: great to be here.
charlie: your daughter worked on this program. andrew: she loved it here. your staff was all over me. thank you. charlie: she is well? andrew: yes, she is. making films. charlie: what she always wanted to do. send her our best. andrew: thank you. charlie: let me begin on china. it is the story everyone is talking about, devaluation. tell me what impact, why they did it, what they hope to accomplish, and what effect will have another economies? andrew: we saw the 2012 timeframe, xi jinping's arrival. run.abinet, his 10-year this is now an economy in transition and we should expect these pivots. these will be like the violations. why?
china's gdp by size is slowing down. income disparity became part of the previous administration. the opening of 30 years was a miracle. it only had so much to run as a political economy. this administration has the social needs of chinese, giving everyone the quality of life. this is where xi jinping's leadership is key. i have been going there 35 or 40 years. this is more critical. charlie: the pivot of xi jinping? charlie: the pivot of xi jinping? the pivot of moving the economy from exporting to a domestic economy? andrew: drivers are mutually exclusive. domestic demand means more inclusiveness.
they will drive necessary reforms in china. china needs pensions, insurance, a service sector and a domestic consumption sector. this is a top-down socialist society at best. with capitalism as its core way thoseate jobs, how do forces come together with so much inefficiency? so many people not productively employed? charlie: and so many people say corruption. andrew: it is an early indicator that they are on a multiyear, decade-long transition. dow's revenues are about 10% in china. we have 18 factories. i am very local. the growth will not be as strong as the numbers report. you will need different technology for different products. the growth will be choppy and there will be corrections. like the ones we have seen in these last two days. manufacturing industries tell me a lot. i sell to the manufacturing sector. it has been 4% or 5% of the economy for years. in terms of real growth.
now, moving money around creates extra growth. six or 7% is the best i will achieve in this pivot i mentioned. charlie: how long will it make? andrew: china is the world's second-largest economy. we now all know. at a time when it surpasses the united states as an economy driven by domestic demand is good for all of us. charlie: so that you can sell products to china? doing. that's what i am it surpassing the as an economy driven by demand is good for all of us. that is what we are doing. it could have been my results from the last quarter. despite the slowdown i grew in china. products packaged food safety. to --t from drive market dry marketskets to
to supermarkets. supply structure, energy efficiency, clean energy. they need those products. the chinese have anarchy as a problem. if they keep floating pink stone -- floating people down the river or giving people poisons to eat. there is five or 10 years in the transition. charlie: where do we stand in terms of slowdown in growth and slow down in their demand for products? andrew: they are like europe, certainly. europe created the problem for them, if you like. three years ago, the situation in europe that unfolded with greece stopped the need for chinese products. that created a cascade effect. of course, the u.s., in selling to the u.s. is everyone's market of choice. that demand drive for them disappearing created a major problem. they had to redo their economy based on their own needs. that exacerbated the needs created it.
charlie: the markets have been under a lot of pressure. and also under a life of focus. a lot say it is a market nominal from the economy, and how many people went into the market without the means to -- andrew: i spent 15 years in hong kong growing up around a lot of chinese friends in northern australia, where i grew up. i know the chinese culture very well. they like to gamble. they are, by definition, people who like to spend. that is maybe too generic, but in general it is true. you can just go to macau to have a look at that. [laughter] resort in macau. intro: exactly. -
andrew: exactly. charlie: future growth for resort companies. andrew: peng shuai and the thing. people will put money in the markets. when forces can play a role, like the government, people worry about losing them. i think the market reaction versus the real market is a disconnect. charlie: china has not seen a strong leader like xi jinping for a while. is he under attack? andrew: i think he solidified his leadership around him. if you like, the princelings. the five of them that will see this 10-year transition through. there will be change at the halfway mark. i think he has got that very well planned. there is noise around the anticorruption drive and the whole equity market creation is creating a voice. i have been in the man's presents a few times before he was the leader of the country. this is a strong, very driven, command-oriented guy. charlie: what does he want in a relationship with the united states? andrew: the two leaders of the world economically need to lead politically. they don't understand their world place vis-a-vis the u.s. you go to africa, you see chinese companies. economic colonization does not
work if you don't speak the same language. -- the same values. the american model works. what am i doing leading my company? what is this australian-greek doing on charlie rose? the european model of exporting products based on value works. people want to do that, no matter the culture. we have a work for 70% outside of the united states. we know what the american model is. it is based on on values and freedom. charlie: and transparency. andrew: all the regulatory environments. the chinese don't have that. the opaqueness of china in terms of its values, it's politics, communism, socialism, call them
what you like. -- the issues around corruption. they can't go anywhere that the u.s. can but they know they have the economic power to do it. they are trying to figure out how to get a relationship with united states that works. what we need on this side of the ocean is patients. patience. in economic dialogue created a basis to work together strategically and economically. the best thing that could happen to these two countries is a bilateral investment trade treaty. charlie: to the chinese that you know through the u.s. is trying to contain them? andrew: there is a lot of that. charlie: is it mainly military? andrew: definitely military, but the u.s. is the military power of the world and they know that. i think they feel they have a region and if the u.s. makes up -- a foray into the region, it certainly creates a. i remember missiles being fired. that theno argument
take the roar out of snore. yet another innovation only at a sleep number store. charlie: let me skip to the united states. you are a strong advocate and have been on government committees having to do with manufacturing in america. where does that stand? andrew: better than five years ago and probably not way back in
our golden age with the industrial revolution and industrial policy. what happened to us in america -- technology as a base of our economy has always been a base of us. manifesting in the internet, it is great. it seems like we lost our way with industry, heavy manufacturing. 70% of all nongovernment r and d in this country is done in a manufacturing area. supply chains all the way to the hairdresser in the local community. the ability to get manufacturing back is important.
i wrote a book because i was frustrated. charlie: "make it in america." andrew: i was very frustrated when i was going to washington seven or eight years ago and no one brought all those policies together on trade, tax, education. all of the things that prompted the review of a company. charlie: has it happened now? do you give the president some credit for bringing the all of those policies to get there? -- together? andrew: i give him credit for partnership that addresses three issues -- skills and workforce development, the creation of silicon valley-like hubs. we have launched six hubs across the country that are focusing on technologies that a whole group of people analyzed and said we really need. charlie: where are they? texas, or -- andrew: there is one in chicago that does 3-d printing.
there is one in youngstown, ohio that to does manufacturing. there is one in detroit for lightweight materials on automobiles. those of the ones off the top of my head i can remember. these are all meant to bring private capital together with public funds already being spent to create startups and new technologies. charlie: you like the idea of startups? andrew: i called dow a 118-year-old start-up. this world we have, uncertainty, volatility, it will not go away. internet, interconnectedness, the rules have been written. the reality is a heartbeat away is an issue. the things that can happen in society -- you know that. how do you do with it? you have to have a culture that can decide in the moment with the right thing to do is.
that ability to pivot is in entrepreneurial style. charlie: it also is in respect to data. we have more data, earlier, quicker, and more pervasive than we have ever had, in a manufacturing sensors, that have given people like you that have to make decisions. andrew: it is a tsunami. going from information to knowledge. we are in the model t ford era. companies like ibm and others, who were putting in place like cognitive computing, they are
helping. there a science-based technology trying to make the decision. they are making them smart enough to get what i want. the domino effect is huge. i don't sit in an office anymore. the previous generation of ceos would sit in an office and let the information come to them. of my time on% the road and gathering data from the frontline and enabling my troops to a fax in the moment -- to effects in the moment. accountability has to be down in measuring that in running the company so you have a drumbeat of measurement. you know, you are what you inspect, not what you expect. putting that in place is a cultural phenomenon. we hired 22,000 in the last five years, half of them under the age of 30. the average age of the company is in the low 40's.
from in the 50's before. we have 35% of the company under the age of 35. now, ages not everything. but agility comes with a younger mind. charlie: also the idea of how do you appeal to them and the education level that you expect. andrew: so the pivot we also did was sustainability goals. we published our 2025 goals recently. we had a young engineer texas that we had to put a wastewater treatment plant and to clean up some of the water they were putting into the rivers and that would be a $45 million investment. said, i amr engineer going to use natural wetlands to filter this waste. and create a new wetlands out of -- and create a new wetlands out of that. it cost $1.5 million. he used processes in the wetlands without any other environment to treat the ways.
that created birdlife and a new, if you like, aquatic area for fishing. there were goals that we put in place to value nature. water, force, all of that has a value. humanity has done a poor job of impressing that value. iswhat we have done at dow we have models that allow people to spend money, you obviously create money and do well and do good. this mindset appeals to young people. charlie: at the same time, are you dependent on a workforce that is highly educated? andrew: yes. across the value train of education, back to the enhancement -- charlie: do you have to have that type of element? andrew: apprenticeships in people who understand robotics in the modern day of
manufacturing, there is a country in the gap. i am paying $150,000 in year for welders in the united states. i cannot find welders. ok? charlie: you say there should be a place producing welders. andrew: yes. it is a great job and a great skill. charlie: and there is no school that is teaching people to weld? andrew: there are schools out there. it is not just phd's we want. technicians and modern-day workers, modern-day manufacturing economy. there are a half million jobs in the states. so the advanced manufacturing partnership president obama and , the team that worked on that, we are converting community colleges to put the curriculum in place for co-op schools. charlie: private sponsorship? andrew: the infrastructure is there because it existed long ago. public companies are coming in
and converting the curriculum for their own supply chains. then they get jobs that we employ them. charlie: how do you stay on top of all going on? andrew: i'm kind of like you, a workaholic. goes with the job. i'm fully connected at all times. fitbit. i've got to stay healthy. fashion and excitement and energy. i love what i do and i have 40 years of working at this country. i have had the privilege to serve a third of its history. when i got the job to transform into the modern era, i brought an international perspective but i also brought a lot of the united states. with the united states has done, not just for me, but people like me, immigrants and people who do well here by growing up. that commitment to stay on top of your game, i can do it
-- i cannot do it forever obviously. although some of us do go on for a long time. shareholders, myself, the board, we all look at that and say let's keep driving the company in this direction and along the way all the good things will happen to you will happen to you. charlie: what you say to an activist who comes after you? andrew: this is a new reality i have embraced as american capitalism looks for new ways to make money under different time frames. that is not the discussion we should be having. charlie: short versus long-term? in other words, clinton is making speeches saying we have too much of an emphasis from wall street on quarterly returns. andrew: the point i agree with is i do not set budgets every 90 days. i am building $20 million worth
in saudi arabia. that was a nine-year decision that is about to start. i am building the world's largest technology base integrated factory that will produce 26 different product families on chemistry in fabrics that will supply the middle -- chemistry and plastics that will supply middle east, asia, and africa. it is the world's largest. you can see it from satellites, it is that big. 80,000 workers on the site finishing the plan as we speak. charlie: where are the workers from? andrew: third-party nationals. that is the way the saudis do it. we do not have a lot of contract labor. that is not a 90 day decision. that is a multi-your decision. but, people like me have to listen to shareholders. people like me make a decision on what to do in the long bucket and how to do the short bucket. it is not an either-or. it is an and. if you do not listen to your shareholders, you should not be in this job. whether you are a private equity guy, it does not matter. it is their money.
charlie: you meet with dan loeb and talk about his ideas? andrew: i do. we met them last year. we met them this year. i met them very recently. charlie: to make clear your goal and vision? andrew: here is ours. here is yours. where is the gap? let's understand. if we disagree, we agree to disagree. that is dialogue and engagement. you have to be doing not all the time. charlie: can't afford not to do that. andrew: you have to. charlie: talk about product mix. dow chemical, 118 years. 1887 or something. andrew: 1897. charlie: you are the world's largest chemical company. or high up there. what does that mean to the products you are delivering times?or changing andrew: commoditization from the chinese and any other place you want to pick almost killed us. we almost went belly up a decade
ago because we were not innovating. the new products, and new technologies. today, this last year we launched 5000 new products. charlie: you almost went belly up? andrew: we were losing money for two straight years. we were finishing an acquisition called union carbide. the asbestos issue became a real issue for us. frankly, if it was not for coming out of the 2003-2004 recession, we would have gotten really close to not being able to survive. the new product mix was to reinvent r and d. the $33 billion company we inherited then as now a $58 billion company. we sold $15 worth of business. we acquired $18 billion and we develop $22 billion worth of new business. the math adds up stop the new -- the math adds up.
the new business is all driven by technology needs. this is a shoe that has a sole. this is a light shoe. this product was developed -- normally would take two years to develop. make it stiff, make it flexible, make it weatherproof. this shoe, we developed a system called in fuse. instead of taking two years, it took two weeks. charlie: you said we need a shoe that has these properties. it is light, it is durable. it has a cushion and all that. andrew: we develop the product in two weeks. sample it with them. why? we put high technology robotics into our experimentation. i can now do as a company 2 million experiments as a year. that is more than 10 times what i used to be up to do manually. charlie: because of robots. andrew: we tested the capital systems. we developed product. we sampled them. they like some of them.
they scaled up their shoe. that is shortening their innovation lifecycle. we have got to do that to survive. the products we are launching are cannibalizing old products and staying ahead of the commoditization i mentioned. 735 pounds last year. record amounts of margin. charlie: other people are saying this as well. the idea that whatever the company you have is, it can be a chemical company but it is really a technology company. andrew: i have heard others say that and i do agree with that. i do agree with that. science and technology is science, math, physics. i have got all those. how i express them in a product or any market is a choice. what we used to do is sell old-fashioned chemicals. ball chemicals -- bulk
chemicals. like, the makeup lady. i said to her, what chemical are you using? she said, i am making this organic one. around this room chemistry is enabling everything. these new products we're launching and how we're launching them, they are to meet sustainable needs of modern society and at the bottom of society. i launched a full purification membrane for people living at the bottom of the pyramid, for water in africa. 40% more efficient. it takes it sustainable in africa. me.lie: explain that to because i am interested in how you can do well and do that at the same time. andrew: countries in africa. charlie: did they come to you? you looked and knew there was an issue? there was a wide demand for water? pure water. andrew: exactly. from rivers and taking out viruses and bacteria and metals and contaminated streams,
arsenic. we knew that need was out there. r&d scientists do that need. -- knew that need. they worked on the product to get that need at a lower cost. we had that product in advanced societies like the u.s. or europe. you can afford it. you pay for it. there they don't have the funds to pay for. charlie: they don't have the infrastructure. andrew: they don't have the ability to understand their needs. africa, india, parts of the pyramid that are very low. that can't afford it. we provided the technologies at very affordable prices. that, to me, is what science does. charlie: is that a moneymaking business? andrew: yes, it is. or it is a business that you are betting on later? -- charlie: or is it a business that you are betting on?
andrew: we believe in putting a product out there that is new and losing money. we adapt it to its supportability models. we price it to whatever they can afford. charlie: is creating a corporate environment -- it has to come from a management that wills it to be true. you have to understand what you were demanding of people and be able to communicate with them in a way that you can see how it affects their life. andrew: i am on my fourth go around as ceo. charlie: what would you define the reinvention of yourself as ceo? andrew: firstly, the traits you bring to the job are your trades. you had better be learning from what is around you. they had better be more than traits. being adapted to the environment around you. circumstances of today are different from circumstances 10 years ago. the old confucius saying, you are born with two ears and one mouth for a reason.
you should listen twice as much as you are talking. being adapted and resilient are the two most characteristics at the lows. the lows are never as low as they seem at the time, the highs are never aside. stop emotional control within a band with so you can be an adaptive learner is something that i have been a very big fan of. i surround myself with people i can learn from all the time. if they are not around me, i go to them. business, government, civil society, scientists. i go to universities to learn what to the new sciences are. you have got to keep going out there and working yourself so you can be adaptive to the new realities. then you embrace that reality, you make those choices, and you personally lead the change, and you build the team around you. you could do that over decades or take five years. today it is every decision you take. embrace it. make the change. make the choice. bring it to you.
charlie: explain why. andrew: personal growth and mentoring and tutoring young people -- the proudest thing i have done 10 years from now is i have helped a lot of young people along the way to fulfill their dreams and ambitions in doubt. -- in the enterprise called dow. charlie: your company is your detroit. how is detroit doing? andrew: not as well as it is reported, but it has started its journey. wastelands are being converted to park. the project in the middle of the city is tremendously our will. charlie: he bought a lot of land to change it himself. andrew: exactly. the recommitment to the city center. midland, michigan. i invite you to come visit my hometown. my hometown is two hours north of detroit. we commit to the community to help it be the very best place in america to live. it got voted as one of the best small towns in america not long
ago. we work with the schools. we work with the community leaders. we work with the sports facilities. we do what it takes to attract the best and brightest. charlie: a couple more questions about dow and its place in the world. the ceo of general electric was deeply anguished by the lack of funding for the export import bank. do you share his feelings? andrew: i share it completely. -- it is ash travesty that we have not been able to explain to the american people what a job creator this is for america. there are 84 companies out there. those 84 export credit agencies attract companies like mine to actually source bonds from them to create jobs in their home country. the saudi project? i have gotten a u.s. exit loan for that will stop my saudi
partner wanted to go to korea, japan, germany. i convince them to work with the u.s. bank that created 1600 jobs in the u.s. that would not have occurred if that loan had not gone through that bank. we are shooting ourselves in the foot to eliminate that as a weapon for american companies to compete around the world for jobs. charlie: for a while there, it looked like a president may not have gotten what he wanted in trade. but he pulled it out. if not, it might have been a disaster. andrew: but, we are not group. makeort 20% of the stuff i around the world. 50% of that production will go offshore.
those jobs come because of our export competitiveness. trade is vital. it is our life blood. the president was right to put it in. it is very vital. why? when this country exports and imports standards. charlie: what do we do that we are not doing to make growth higher? andrew: tax reform, education reform: and all of the work lace reform i talked about. energy policy that makes sense. a discussion around the cost of doing business. regulatory reform. charlie: does it drive you crazy that those things are not happening in america, not happening in washington? because of gridlock and other reasons. andrew: being of greek he sent, -- descent, policy and politics came from the same root, but
they have been unfortunately divided. no policy, lots of politics. charlie: if you are ceo, you are in full view. there was a story about how you had spent company funds on personal vacations and those kinds of things. where is that? andrew: it's an old issue that surfaced and was put to bed in 2010. so, it is no longer, and it has not run an issue for over five years and it just resurfaced. this is journalism that tries to sensationalize what happen at a time. ceo, i take this very, very, very seriously. any action, mistake, wrongdoing, immediately has to be remedied. it routine order found and expense error in our group. i had no knowledge. the system was fixed. reimbursedas immediately, and all of the system fixes have an reinstituted, including training. frankly, what this whole thing did is showed our system
actually works. charlie: what is the toughest thing about being ceo? andrew: maybe this last conversation with you. you are fully accountable for everything that the company has to do to create value for its shareholders but also for the other stakeholders in the matter. communities, the employees, the supply chain, including the customers. you are the image of the company and you are the chief reputation officer. doing that in this job, we get paid princely sums. so, i understand that responsibility. i come from humble beginnings, a blue-collar family, greek immigrants in australia. i am pinching myself all the time when i get the right to represent the company in this job. but i understand what comes with that, which is you have to fulfill the ethics and integrity but the company was founded on. 118 years young means there are a lot of values ingrained in the fabric of the company you represent.
making the case. struggling commodities trader has hit back. thetings cut is not in cards. you can let us know by following me on twitter. and of course, don't forget to include the hashtag career let's go for a look at the markets. juliet: we are watching about hong kong and china. a switch out. shares doing quite well. seng, following to an eight-month low. .he buyers moving back in the hang seng up. fairly flat.